President Obama has won reelection to an historic second term after defeating Republican Mitt Romney.

Romney conceded the race to Obama shortly after midnight, well after it was apparent that Obama had scored a decisive victory.

A short time later Obama addressed an ecstatic crowd in Chicago, with the president offering kind words for Romney and calling for the country to come together.

“Despite all our differences, most of us share certain hopes for America’s future. We want our kids to grow up in a country where they have access to the best schools, the best teachers,” Obama said.

“We want our children to live in an America that isn’t burdened by debt, that isn’t weakened by inequality, that isn’t threatened by the disruptive power of a warming planet. We want to pass on a country that’s safe and respected and admired around the world.